A critical part of your job as a rental property owner is finding high-quality renters for your property. This process is time-consuming, as finding a good renter is better than settling on one that might lead to problems or lost rental income. A lousy renter is more costly in the long run, so it is essential to take a bit more time and resources upfront to find a better applicant.
This Palm Desert article will discuss four ways owners can attract good renters who pay rent on time, care for their rental properties, and renew leases for longer periods of stay-ins.
1. Ensure the Rental Property is Clean and Up-to-Date
Whether you decide to handle everything involving your rental property or use a Palm Desert property management company, keeping your rental properties in pristine condition is crucial to finding and keeping things clean and well-maintained. Investing in some smart upgrades might be the secret to attracting better renters, especially if the unit is too bare or outdated, turning good tenants away.
2. Take Maintenance and Exterior Features Serious
The biggest challenge you may face as a landlord is keeping up with maintenance requests from tenants. As you are not using the appliances or home you are renting regularly, it is harder to know when something needs attention without input from residents or without a property inspection. The most common maintenance issues might include:
- Smoke Detectors. Smoke detectors should be checked by property investors twice a year minimum, and batteries should be replaced to keep them operational.
- Water Leaks. Plumbing issues are always costly headaches, as landlord insurance might deny claims for faulty pipes. Have a plumber inspect the rental property once a year minimum to see any potential issues.
- HVAC Systems. Dust and debris can easily build up in the vents, allowing mold to spread quickly. Property owners should work closely with an HVAC technician and clean the system twice a year.
3. Map Out a Comprehensive Rental Listing
The rental listing is the first thing potential applicants may see, while owners have to ensure it is comprehensive and compelling to sell. When creating a listing, always make sure you are clear about rental amounts, fees, the size of the home, the number of rooms, and worthwhile features in demand. Use professional photos to catch the attention of your next residents. Highlight the neighborhood and nearby amenities, making it easy for prospective tenants who wish to fill out an application.
4. Offer Incentives if Needed
Incentives should always be carefully considered, offering the right perks to help property owners find the best residents while keeping properties in demand in a competitive market, such as that in Palm Desert. Property management companies can recommend incentives, including:
- Utilities Paid For. A property owner may offer this type of benefit for the lease term. If offering paid utilities, the monthly rental price should cover your ongoing expenses plus the estimated costs for electricity, water, trash, and more.
- Rent Discounts. If you choose to offer a potential tenant a “first-month” rent discount can help bring more applicants to you when marketing a vacant rental property.
Interested in becoming a property renter for the Palm Desert area? From identifying potential pitfalls to making rental listings to better find the best potential tenants, this article is a good first step to learning the ins and outs of property management.